brisbane cbd apartment with 2 carspaces - rent out a single carspace separately?

Discussion in 'Property Management' started by daedalus2014, 7th May, 2015.

  1. daedalus2014

    daedalus2014 Member

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    Got an investment property - 2BR, 2 Bath, 2 car space in Brisbane cbd.

    location is one of the residential apartments near Four Points Sheraton (99 Mary St), so very close to the commercial areas

    I am deciding whether to rent it out as 2.2.2 or as a 2.2.1 (lower rents) plus the carspace separately.

    Based on my valuation of similar car spaces for rents in Gumtree, the second option (rent car space separately) is more profitable provided there are low vacancies (<50%) on the carspace.

    does anyone have any experience renting out carspaces separately? what are the vacancies? what is the average duration a tenant will rent it out for (this affects how much management time i need to allocate to this)? are there any discounting off the advertised car space price?
     
  2. allegria

    allegria Member

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    I'd be interested in leasing out the car space if you do go that route :cool:

    I currently pay $14-$20 per day at 53 Albert Street.
     
  3. Heinz57

    Heinz57 Member

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    Unit with 2 car spaces in Bris Vegas should be in hot demand, can you get extra $50 week compared to single space?
     
  4. marg4000

    marg4000 Member

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    Is it allowed under the body corporate by-laws?

    It will involve giving the person access to the building areas may be a security issue.
    Marg
     
  5. Morbius

    Morbius Member

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    I guess it might be possible to write by-laws that forbid it, but I have never seen any that did. As an owner you can usually give whomever you wish access to your property under any arrangement you like.

    In St. Lucia people are renting covered carparks for up to $50/week if they are within walking distance of the uni. I imagine you could get substantially more than that in the CBD.
     
    Last edited: 10th May, 2015
  6. daedalus2014

    daedalus2014 Member

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    yes according to my PM it can. so i am going down this route as i dont know about car space vacancies
     
  7. daedalus2014

    daedalus2014 Member

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    yea i agree. If the car park renter is registered as a tenant then I can't see how the body corporate can forbid it
     
  8. daedalus2014

    daedalus2014 Member

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    check out gumtree. listings in the cbd average $70 to $90 pw. i called a few owners to ask about vacancies but they were all unwilling to provide info lol